The price of Bitcoin has dropped in recent days. Although it has recovered from its weekly lows, the asset’s trajectory remains uncertain, says CryptoWendyO, a cryptocurrency trader on Twitter.
“The daily time frame is not looking very good as we are having trouble holding $ 50,000,” he told Cointelegraph on Friday. “I feel like we are going to have a move towards $ 51,600.”
“From there I would be cautious as the rejection could lead back to the $ 50,000 to $ 45,000 range. A break below could be a quick wick to $ 42,000 to $ 38,000 with a glorious recovery. The invalidation would be a sustained consolidation at USD 52,000 “.
After hitting all-time highs of approximately $ 58,360 in February, Bitcoin (BTC) fell to about $ 43,015 in the days after, according to data from TradingView. The asset then rallied near the $ 52,660 level, before continuing its downward price action below $ 50,000. At the time of publishing this article, Bitcoin is trading at roughly $ 49,020.
Cheds, a trader on Twitter who has una CMT level I certification, wait “more BTC consolidation above that key $ 42,000 level”, he told Cointelegraph on Friday. As well tweeted a graph of your range expectations.
“The big question is whether the recent 27% correction is enough to drive us to a new high,” Cheds said. “Meanwhile, we will see a range narrowing on the day of lower highs and higher lows.”
Several tech stocks also saw their prices drop recently.